A recent bombshell New York Times report uncovered last month that President Donald Trump, the first major presidential candidate in decades not to release their tax returns and financial disclosures, only paid $750 in taxes in 2016 and 2017. For 10 of the last 15 years, he paid nothing.
Trump also spearheaded The Tax Cuts and Jobs Act of 2017, which his allies praise as the "Trump Tax Cuts," but according to Policy Genius:
On the whole, low-income families appear to have received the least savings, while high-income families saved the most. Middle-class families saw mixed results. The biggest winners from Trump's tax cuts were probably businesses. Between 2017 and 2018, corporations paid 22.4% less income tax. The total value of refunds issued by the IRS to businesses also increased by 33.8% nationally.
It's the tax plan of Democratic presidential nominee Joe Biden that the Trump campaign is focusing on.
Trump has repeatedly targeted Biden's tax plan on Twitter this week, without offering many specifics, claiming it would "destroy all that you have built!" Trump tweeted about Biden's tax plan three times on Wednesday alone.
That same day, one of the President's sons and executives at the Trump Organization, Eric Trump, shared a picture of a news broadcast showing the combined state and federal tax rates for California, New Jersey, and New York.
There are nuances not evident in the picture of a television.
The increased rates in Biden's tax plan apply to Americans making over $400 thousand per year. Trump's allies have falsely claimed that the Biden tax plan would raise taxes for 82 percent of Americans. These rates also don't account for potential deductions, especially state and local deductions which Trump's tax cuts capped at $10 thousand.
Eric Trump's attempt to smear it largely backfired, especially given the Trumps' own taxation woes.
Others pointed out how few people make over $400 thousand per year.
Trump has yet to release his tax returns.